President Joe Biden announced last week his opposition to the sale of U.S. Steel to Nippon Steel, a Japanese company, following strong criticism from the United Steelworkers union. Biden emphasized his commitment to the steel workers, highlighting the importance of U.S. Steel remaining an American company, domestically owned and operated. This decision has sparked a debate over its potential impact on international relations, particularly with Japan, and its implications for U.S. politics. Critics like Heino Klinck argue that blocking the merger could endanger the relationship with a key ally and provide China with additional leverage. Others suggest that Biden's stance, influenced by political considerations including preventing Donald Trump's return to power and appeasing Rust Belt senators and steelworkers, might be part of a broader 'Bidenomics' strategy or a 'knife-edge campaign'. The controversy underscores the tension between economic policy and political strategy, with opinions divided on the wisdom of the president's intervention in the merger and the 'deference' shown to certain political constituencies.
"Biden Opposition to Takeover of U.S. Steel Comes After Months of Lobbying" via @WSJ https://t.co/felQssY0Zl
Blocking the acquisition of the private steel company US Steel Corporation by a private company Nippon Steel in Japan—a strong ally—is bad policy, no matter the politics. The government having the power to stop transactions of private sector companies, even allies in different… https://t.co/0Irb2PheNx
In a knife-edge campaign—such as that being fought by Joe Biden—claims about ends and means can be used to justify pretty much any policy, however bad. We argue that the president is wrong to block the acquisition of US Steel https://t.co/RmQp3D6Jg7 Photo: AP https://t.co/36qaLaUrZK
In a knife-edge campaign—such as that being fought by Joe Biden—claims about ends and means can be used to justify pretty much any policy, however bad. We argue that the president is wrong to block the US Steel acquisition: https://t.co/IvIffgP4Gv 👇
Heino Klinck writes that trying to block the U.S. Steel merger not only imperils a relationship with a crucial ally but also provides an increasingly belligerent #China with another means of leverage. https://t.co/2w7vE5AGDA
Biden’s US Steel decision highlights ‘deference’ given to Rust Belt senators, steelworkers https://t.co/DW0U6fMFPs
In U.S. Steel merger, Biden gets in the way of Bidenomics, the Editorial Board writes. https://t.co/fP12yAJ5Ek
If blocking the acquisition of US Steel helps Joe Biden stop Donald Trump from returning to the White House, surely that would be better for America and the world? We argue that the president should consider the stakes https://t.co/ARW4NXDadH 👇
Trying to block the U.S. Steel merger not only imperils a relationship with a crucial ally but also provides an increasingly belligerent China with another means of leverage, writes Heino Klinck. https://t.co/2w7vE5AGDA
“I told our steel workers I have their backs, and I meant it. U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” Mr. Biden said in a statement last…
Mr. Biden last week announced that he would oppose the sale of U.S. Steel to the Japanese company, which has been strongly criticized by the United Steelworkers union. https://t.co/Z1FHi5OQKO